THELOGICALINDIAN - Xapo CEO and architect Wences Casares explains the history of money in a Big Think video about Bitcoin His account of the history of money is below
“Bitcoin is a new agenda bill that is conceivably the best anatomy of money that we accept anytime seen. It’s important because best of us don’t accept money actual able-bodied and conceivably the abstraction that is harder for us to accept is that money is and has consistently been a ledger.
…the best way to accept money is to accept the history of money.
Anthropologists accede that there is no association abundant beneath a acculturation that anytime based it’s business on bargain —there is no evidence; bargain never happened. And that is adverse automatic because we are accomplished in academy that we aboriginal bargain and again we fabricated money because bargain was too complicated — able-bodied bargain never happened. That’s one of the belief about money. So again you would ask anthropologists, “Okay so how did we do business afore money if there was no barter; there was no commerce?” No! there was affluence of commerce, and the way business would appear is that let’s say that addition in the association had dead a big buffalo, and I would go up to a being and say.
Wences: “Hey can I accept a little bit of meat?”
Person: “Yes, here’s your meat.”
And basically we all had to accumulate clue in our active of what we owed added bodies or what added bodies owed us. And again addition would appear to me.
Person: “Hey Wences can I accept a little bit of firewood?”
Wences: “Sure actuality is your firewood.”
And I would accept to bethink that I owed this being a little bit, and that this being owes me a little. And we all went about our business with these ledgers in our minds of who owes us what and what do we owe them — actual abstract system. Often these debts didn’t bright or austere in means that were not satisfactory to both parties. Then about 25k years ago, addition actual actual able came up with a new technology that absolutely took off.
Intelligent Person: “Hey can I accept a little bit of firewood.”
Wences: “Sure, here’s your firewood.”
Intelligent Person: ”This time we’re activity to try article different. Here are some chaplet for you.”
Wences: ”I don’t appetite beads, I don’t affliction for beads, I don’t charge beads.”
Intelligent Person: “It’s not about that. We’re activity to use chaplet as the cold balance of our tribe! Instead of anniversary of us accepting to bethink what we’re owed, the chaplet are activity to accumulate clue for us — an cold balance to accumulate clue of debt!”
And it was such a acknowledged technology that it took off, and in a brace thousand years it became absurd to acquisition a association or a acculturation that did not accept some anatomy of cold ledger. In some places is shells, rocks, or beads, but this anatomy of befitting clue of debt with an cold balance took off.”
Watch Xapo CEO and founder, Wences Casares’s abounding allocution on Big Think’s Youtube Channel.
Photo Source: Big Think YouTube Channel
